Research On The Impact Of Financial Constraints On Export Quality Of High Technology Product

Since the reform and opening up,China's foreign trade has made rapid development,relying on the advantage of domestic cheap labor,and became the largest trading nation.China's economy has maintained a rapid increase in total exports.Simultaneously China's export commodity structure also upgrades quickly.In to take advantage of labor at the same time,our country pays more and more attention to technology innovation's influence on foreign trade.Our country vigorously supports the high-tech industry,high-tech products exports rose,its share of global trade volume ratio also increased fast.In recent years,however,affected by the financial crisis,foreign anti-dumping measures and the rose of Chinese human capital price,the stable growth of high-tech products face huge challenge.Under the condition of slow growth in global demand,we must take measures to improve the quality of export of high technology products in order to promote sustainable growth.Meanwhile,high technology industry has the characters of high risk and high investment,it needs strong financial support and depends highly on finance.But China is a developing country,the financial level lags far behind,“high-tech enterprise financing difficulty” has become a common phenomenon.Research and facts show that when enterprises face high financial constraints,it may lower product quality.In view of this,it's meaningful to examine the influence of financial constraints on the high technology product export quality.Our main results show: firstly,the export quality of high technology product keeps going down,but performs differently in different sample.The export quality rises in state-owned and private enterprise,reduces in foreign investment enterprise,rises in western regions and reduces in eastern and central regions.Secondly,private enterprises face higher constraint than state-owned and foreign investment enterprises,central region faces higher constraint than eastern and western regions.Thirdly,higher financial constraints force enterprise to produce lower quality;from the nature of different enterprise,financial constraints inhibit strongly on high technology product export quality in private enterprise,but inhibit weakly in state-owned and foreign enterprises;from the view of region,financial constraints inhibit strongly in eastern and central regions,but inhibit weakly in western region;from the view of different quantiles,there are some differences in inhibiting the export quality of high technology product.Finally,based on the above research,this paper put forward somesuggestions on how to ease the constraints on the export quality of high technology products: increase the government's support of high technology enterprises,improve the financial market,improve guarantee system,perfect the enterprise research and development of information disclosure.